In the eyes of many who call this sunny destination home during the cooler months, there is no place quite like Palm Beach. The sun seems to always shine, and there is no shortage of fine-dining options, beaches, high-end shops, or world-renowned golf and tennis clubs. It is the Hamptons of the winter, mirroring our favorite summer destination with its exquisite and sophisticated aesthetic. And, according to the Koch Team of The Corcoran Group (comprised of Paulette Koch, her son Dana Koch, and daughter Candice Koch Postel), many are increasingly calling this South Florida enclave their permanent home, due to both the wonderful lifestyle and the tax benefits. “Tax benefits have become front and center in our conversations with buyers,” the team noted. Because Florida has no state income tax, residents of high tax states such as New York, Connecticut, and New Jersey are expediting their plans to move to Palm Beach and establish state residency. The Koch Team added, “The amount of money that they are saving in taxes is a huge draw to Florida, and specifically to Palm Beach.”
In addition to individual homeowners, companies—from small, independent businesses to established corporations—are fleeing their northeastern base in droves to escape the costly state taxes. The arrival of these companies has brought with it a booming entrepreneurial scene and Palm Beach is rapidly seeing a younger, more vibrant presence.
The Palm Beach real estate market has flourished as a result, with sales volume up over 20 percent YTD compared to 2017. The Koch Team advises those considering making a purchase to act fast. “We currently have a limited supply of inventory in our market, which makes this a great time for sellers to consider testing our strong market. Palm Beach is an island with a finite number of homes and condominiums. The market is on solid footing so if you identify a property you want to buy, make the commitment. If you don’t, there is a good chance that the property won’t be available when you make your decision.”
The Koch Team prides itself on its ability to toe this line between Palm Beach tradition and future innovation. Between Paulette, Dana, and Candice, who have navigated the island for years, the team’s efforts truly transcend real estate. All Palm Beach natives, they are unmatched in their knowledge of every aspect of the market and have been responsible for commanding some of Palm Beach’s highest sales prices. Continually sought-after by the area’s most elite property owners, the team will provide the best of upper-echelon Palm Beach real estate, and fill you in on the ins and outs of the island. The Koch Team noted, “We feel there is no other market like Palm Beach. You get the best of all worlds here, we offer something for everybody. You can be active in the community or retain your privacy if you prefer.”